Friday 15th December 2023

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Whilst the FOMC signalled the likelihood of several rate cuts next year, NAB’s Gavin Friend says the Bank of England and ECB are giving nothing away, with both saying there is more to e done to bring inflation under control. One European bank even managed to slip in a rate rise ahead of Christmas – the Norges Bank pushed rates up to 4.5%, concerned about a rebound in inflation. Markets continue to respond to the dovish FOMC meeting yesterday, even with jobless claims and retail numbers both showing surprising resilience in the US economy. There’s lots more economic data today, including the December flash PMIs for Europe, the UK and US.

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